Ripple (XRP) Might Help with UN Message of Cost of Remittance to go as close to Zero

The Federal Reserve announced that they would lend an additional $1 trillion a day to larger banks. The UN Secretary-General Antonio Guterrez, in his speech to G20, stated that the Banks must reduce the cost of connectivity. He further expressed that it is important for the cost of remittances to go to as close as zero, implying that the Remittances are a lifeline now.

In response to this message, one of the Ripple XRP enthusiasts, Crypto Eri opined that XRP is the answer. However, yet others picked on a counter opinion that the community of XRP investors should keep their opinions to themselves. Further stated that those who are reading the documents and disclosures would lead the pack.

However, several XRP HODLers are waiting for the XRP to the moon. `Several community members have developed a belief that XRP is testing positive for a global reserve currency.

Sydney Ifergan, the Crypto Expert, tweeted: “It is time that the National systems begin using decentralized cryptos like XRP and the cross border payment systems like Ripple ODL.“

Ripple (XRP) Brad Garlinghouse on Interoperability Globally

Brad Garlinghouse, CEO of Ripple, had previously clarified what Ripple is and what Ripple is not. Ripple is a private company based on California. Ripple focuses on solving issues related to cross border payments.

The company has not focused on the Central Bank digital currency issuance. They believe that there needs to be interoperability globally, as it is very important to solve problems related to interoperability.

It is considering blockchain at large and about why it is such an interesting technology appropriate for central banks and commercial banks to be looking at. For me, the novelty of any watching technology is the ability of two parties to transact without trust but with certainty.

So, today anytime we transact, we are transacting through a central counterparty, whether that be a correspondent bank or Ripple as focused or that be Visa, American Express, or whatever.

The opportunity around blockchain is to change that dynamic in many industries, whether it is payments, securities, loans, any other transactions I think can be disrupted and made more efficient through blockchain technologies. Brad Garlinghouse opined that global payments have not caught with the internet.

He stated about how the younger generation today switch on their smartphone touch a button and have ice-cream delivered in 20 minutes. They are not going to be happy with a payment system that will make their payments and costs and a lot of days to get to them.

About The Author

A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.